The price of electricity today gives a break. After the decrease this Saturday (23%), this Sunday the cost of electricity will experience a new drop, which will be a relief for families and companies in electricity bills at the end of the month. In fact, the price of electricity will register a notable decrease of almost 27%, reaching 115 euros / MWh. once the compensation to the gas companies is added.
Knowing what time to turn on energy-intensive appliances such as the oven, washing machine or dishwasher helps consumers pay as little as possible. All in all, this Sunday, October 16, will once again be a demanding day for pockets, although the price of electricity today in the wholesale market (‘pool’) will drop to 103.97 euros per MWh on average, according to the Data released by the Iberian Energy Market Operator (OMIE).
Compensation at the price of electricity today
In the auction, the average price of electricity in the wholesale market stands at 103.97 euros/MWh for today, Sunday. To this price is added the compensation of 11.10 euros/MWh to the gas companies that has to be paid by the consumers who are beneficiaries of the measure, the consumers of the regulated tariff (PVPC) or those who, despite being in the free market, they have an indexed rate.
If there were no mechanism to cap the price of gas for electricity generation, the price of electricity would be an average of 128.50 euros/MWh, which is 13.43 euros/MWh more than with the compensation for electricity customers. the regulated rate, which will thus pay 10.45% less on average.
Measures of the More Energy Security Plan
Precisely the Council of Ministers approved this Tuesday the More Energy Security Plan (+SE), which includes a “protection” mechanism for the 1.6 million Spanish homes with central heating to help reduce their bill through the adoption by part of the State of the “necessary budgetary measures for its financing”.
In addition, this plan plans to grant greater coverage for the electric social bonus and the thermal social bonus, increasing the volume of the protected population, although it is not specified for now how this measure will be implemented. The +SE Plan also includes the obligation for electricity companies to be more transparent in electricity and gas bills, which will include a comparison with similar customers in the same postal code and will include energy saving tips.
All these measures have been extended by a new government aid package announced by Pedro Sánchez this Thursday in the Congress of Deputies with the aim of helping consumers reduce the price they pay for electricity. Among the approved measures there are added discounts in the social electricity bonus, a thermal check that raises its minimum to 40 euros and a specific regulated rate for communities with community boilers.
A more expensive price in off-peak hours
It is about solving the problem of the cost of the bill, which for families accumulates an average year-on-year increase of 70.3%, as reported last week by Facua – Consumers in Action, in reference to the evolution of the regulated electricity rate. As an example, this organization puts an average user with a monthly consumption of 366 kilowatt hours (kWh) and a power of 4.4 kW, who has paid 1,259.14 euros so far this year, compared to the 739.56 euros he paid in the first six months of the previous year.
So far this year, the three most expensive bills in history in Spain have been registered: in March it reached 176.73 euros, in August it reached 158.30 euros and in July it reached 142.40 euros. The year-on-year rise in the last month was 34.3%, compared to 102.71 euros in September last year.
The Facua study also reveals that this past September the ‘valley’ period (from midnight to 8:00 a.m., Saturdays, Sundays and holidays) was on average more expensive than the ‘flat’ period (Monday to Friday from 8 a.m. to 10 a.m., 2:00 p.m. to 6:00 p.m. and 10:00 p.m.). Thus, the first had an average price of 33.12 cents per kWh and the second 32.56. The ‘peak’ hours stood at 38.45 cents.
Thus, in a context of continuous price increases for all types of products, consumers are forced to plan in detail when to carry out the domestic tasks that depend on their appliances. For this reason, checking the hourly rates is a great help for households, since saving energy by the hour improves our economy. Due to these constant increases in electricity prices, Spain supports the mandatory cut in electricity consumption, mainly during peak hours, one of the measures that are on the table of the European Commission.
Electricity price today Sunday for hours
The wholesale market electricity rate directly influences the final cost that the consumer has to pay to start up their appliances hour by hour, hence the price of electricity today is set at 0.154 euros / kWh. once the corresponding charges and tolls have been added.
Electricity rate today, Sunday, October 16, 2022, hour by hour
cheapest time
from 3:00 p.m. to 4:00 p.m., with 0.109 euros/kWhmost expensive hour
from 8:00 p.m. to 9:00 p.m., with 0.201 euros/kWh
Thus, the cheapest time to start up the devices with the highest energy consumption will be double this time, since the cheapest section is from three to four in the afternoon, with only 0.109 euros/kWh. On the contrary, the most expensive hour will be from eight to nine at night, with 0.201 euros/kWh.
With these records in mind, today, Sunday, October 16, it is once again key to know what time the price of electricity is cheapest.
Iberian exception to contain the price of electricity
The Iberian mechanism, which entered into force on June 15, limits the price of gas for electricity generation to an average of 48.8 euros per MWh over a period of twelve months, thus covering the coming winter, a period in which energy prices are more expensive. Specifically, the ‘Iberian exception’ sets a path for natural gas for electricity generation at a price of 40 euros/MWh. in the initial six months, and subsequently, a monthly increase of five euros/MWh. until the end of the measurement.
The prices of the ‘pool’ have a direct impact on the regulated rate -the so-called PVPC-, to which almost 11 million consumers in the country are covered, and serve as a reference for the other 17 million who have contracted their supply in the free market .
Therefore, one more day the price of electricity will vary significantly hour by hour throughout the day, depending on the tolls and charges established in each of the time slots of the electricity rate. In fact, the National Commission of Markets and Competition (CNMC) has verified that in 2021, in the framework of the upward spiral of energy, around 1.25 million people switched from the PVPC to a rate in the free market at a fixed price.
Appliances that consume the most
In all homes we have appliances with high electrical consumption. According to a study by the OCU, the household appliances that require the most energy are, in this order: refrigerator (662 kWh per year on average), freezer (563 kWh), television (263 kWh), washing machine (255 kWh), dryer (255 kWh) and dishwasher (246 kWh). As for the first two, essential for families, it is clear that there is not much room for savings since it is not possible to disconnect them.
What consumers can do is make the most of the capacity of the refrigerators and adjust the thermostat between 4 and 6º, and above all prevent the door from being left open for too long. When choosing its location it is very important that the refrigerator is located away from the oven, a radiator or a sunny window or balcony.
Other tips that serve to save on electricity bills are not leaving mobile chargers or headphones connected for longer than necessary, turning off devices that are not being used, not leaving the TV on if you are not watching, etc.